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Chevron and Venezuela sign contracts to restart oil production, sources say


https://sputniknews.com/20221203/chevron-venezuela-sign-contracts-to-revive-oil-production-sources-say-1104992248.html

Chevron and Venezuela sign contracts to restart oil production, sources say

Chevron and Venezuela sign contracts to restart oil production, sources say

WASHINGTON (Sputnik) – Chevron has signed contracts with the Venezuelan government and state oil company PDVSA to resume oil production operations in the… 03.12.2022, Sputnik International

2022-12-03T04:51+0000

2022-12-03T04:51+0000

2022-12-03T04:51+0000

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The contracts allow the parties to implement the new US government license in accordance with guidance provided by the US Treasury Department’s Office of Foreign Assets Control (OFAC), the sources said. A spokesperson for Chevron told Sputnik that the company will conduct its business in Venezuela within the sanctions framework provided by OFAC. On Saturday, the Treasury Department issued a blanket license allowing Chevron to resume a six-month natural resource extraction operation in Venezuela. However, the US government retains the authority to modify or revoke the authorization at any time if the Venezuelan government fails to negotiate in good faith or meet its commitments with the country’s opposition. A senior Biden administration official told reporters that Venezuela-related sanctions and U.S. restrictions remain in place, but the U.S. administration will consider whether its policies remain open to further calibration of its sanctions against Venezuela, which will depend on the Venezuelan government taking concrete action to address several key issues. with PDVSA on four oilfields which Bloomberg estimates reduced production to around 50,000 barrels per day from 160,000 barrels per day in 2018. Valero Energy Corp, PBF Energy and Citgo Petroleum have reportedly expressed interest in accessing the Venezuelan oil which Chevron is expected to import in the coming weeks. The sources said the license does not allow Chevron to expand its operations in Venezuela and Western partners should be allowed to invest to increase oil production. An increase will take time given that US sanctions are still in place, they said. The United States sees Venezuela as an additional source of crude oil, but does not intend for a general lifting of the sanctions it has imposed on the country, sources told Sputnik earlier. The Biden administration is looking for options to help lower U.S. gasoline prices after OPEC+ decided to cut production and supply from the U.S. Strategic Petroleum Reserve fell to low levels record high after the administration released some 180 million barrels since March.

https://sputniknews.com/20221126/chevron-confirme-receipt-of-license-allowing-import-of-venezuelan-oil-1104739500.html

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chevron, venezuela, oil production

chevron, venezuela, oil production

WASHINGTON (Sputnik) — Chevron has signed contracts with the Venezuelan government and state oil company PDVSA to resume oil production operations in the country, sources tell Sputnik.

The contracts allow the parties to implement the new US government license in accordance with guidance provided by the US Treasury Department’s Office of Foreign Assets Control (OFAC), the sources said.

A Chevron spokesperson told Sputnik that the company will conduct its business in Venezuela under the sanctions framework provided by OFAC.

On Saturday, the Treasury Department issued a blanket license allowing Chevron to resume a six-month natural resource extraction operation in Venezuela. However, the US government retains the authority to modify or revoke the authorization at any time if the Venezuelan government fails to negotiate in good faith or meet its commitments with the country’s opposition.

A senior Biden administration official told reporters that the Venezuela-related sanctions and restrictions imposed by the United States remain in place, but the US administration will consider whether its policy remains open to further calibration of its sanctions against the Venezuela, which will depend on whether the Venezuelan government takes concrete steps to address several key issues.

Chevron confirms receipt of license to import Venezuelan oil

Chevron is partnering with PDVSA on four oilfields that Bloomberg estimates have reduced production to around 50,000 barrels per day from 160,000 barrels per day in 2018.

Valero Energy Corp, PBF Energy and Citgo Petroleum have reportedly expressed interest in gaining access to Venezuelan oil that Chevron is expected to import in the coming weeks.

The sources said the license does not allow Chevron to expand its operations in Venezuela and Western partners should be allowed to invest to increase oil production. An increase will take time given that US sanctions are still in place, they said.

The United States sees Venezuela as an additional source of crude oil, but has no intention of permanently lifting the sanctions it has imposed on the country, sources told Sputnik earlier.

The Biden administration is looking for options to help lower U.S. gasoline prices after OPEC+ decided to cut production and supply from the U.S. Petroleum Strategic Reserve fell to record highs after the administration released some 180 million barrels since March.



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